Calibre’s Marathon Pit Ore Control Drilling at the Valentine Gold Mine Yields 44% Additional Gold on 47% Higher Grades Than Modelled in the 2022 Mineral Reserve
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) announced promising results from ore control drilling at the Marathon Pit, part of the Valentine Gold Mine in Newfoundland & Labrador, Canada. The drilling revealed 47% higher gold grades and 44% more gold ounces compared to the 2022 Mineral Reserve model. A total of 196 reverse circulation (RC) holes were drilled, covering 4,915 meters in three benches planned for mining in 2025.
President and CEO Darren Hall highlighted the results as a confidence booster, with construction at 77% completion and first gold production expected in Q2 2025. Additionally, diamond drilling is ongoing as part of a 100,000-meter program aimed at discovering new gold mineralization.
These results solidify the 2022 Mineral Reserve estimates and enhance the company's outlook as it advances towards production. QA/QC measures ensured reliable sample analyses, performed at SGS facilities. Calibre remains focused on delivering sustainable value for shareholders and stakeholders.
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) ha annunciato risultati promettenti dalla perforazione per il controllo del minerale nella Marathon Pit, parte della Valentine Gold Mine in Newfoundland e Labrador, Canada. La perforazione ha rivelato un tasso di oro maggiore del 47% e 44% di oncie d'oro in più rispetto al modello di Riserva Minerale del 2022. Sono stati perforati un totale di 196 fori di circolazione inversa (RC), coprendo 4.915 metri in tre piani previsti per l'estrazione nel 2025.
Il Presidente e Amministratore Delegato Darren Hall ha evidenziato i risultati come un rinforzo della fiducia, con i lavori di costruzione completati al 77% e la prima produzione di oro prevista nel secondo trimestre del 2025. Inoltre, la perforazione a diamante è in corso come parte di un programma di 100.000 metri volto a scoprire nuove mineralizzazioni d’oro.
Questi risultati consolidano le stime delle Riserva Minerale del 2022 e migliorano le prospettive dell'azienda mentre avanza verso la produzione. Misure di QA/QC hanno garantito analisi affidabili dei campioni, effettuate presso le strutture SGS. Calibre rimane concentrata nel fornire valore sostenibile per azionisti e parti interessate.
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) anunció resultados prometedores de perforación de control de mineral en la Marathon Pit, parte de la Valentine Gold Mine en Newfoundland y Labrador, Canadá. La perforación reveló un 47% más de leyes de oro y 44% más de onzas de oro en comparación con el modelo de Reserva Mineral 2022. Se perforaron un total de 196 agujeros de circulación inversa (RC), abarcando 4,915 metros en tres niveles planeados para la minería en 2025.
El Presidente y CEO Darren Hall destacó los resultados como un impulso de confianza, con la construcción al 77% de completado y la primera producción de oro esperada en el segundo trimestre de 2025. Además, la perforación con diamante está en curso como parte de un programa de 100,000 metros destinado a descubrir nueva mineralización de oro.
Estos resultados consolidan las estimaciones de Reserva Mineral de 2022 y mejoran la perspectiva de la empresa mientras avanza hacia la producción. Las medidas de QA/QC aseguraron análisis de muestras confiables, realizados en las instalaciones de SGS. Calibre sigue enfocada en ofrecer un valor sostenible para accionistas y partes interesadas.
칼리버 마이닝 주식회사(TSX: CXB; OTCQX: CXBMF)는 캐나다 뉴펀들랜드와 래브라도에 있는 발렌타인 금 광산의 마라톤 핏에서 광물 제어 드릴링의 유망한 결과를 발표했습니다. 드릴링 결과, 2022년 광물 매장 모델에 비해 금의 등급이 47% 높고 금 온즈가 44% 더 많았습니다. 총 196개의 역순환(RC) 구멍이 뚫렸으며, 2025년 채굴 예정인 3개의 벤치에서 4,915미터를 커버했습니다.
대런 홀 회장 겸 CEO는 이 결과를 신뢰를 높이는 것으로 강조하며, 건설이 77% 완료되었고 첫 금 생산이 2025년 2분기에 예상된다고 밝혔습니다. 또한, 새로운 금 광물화를 발견하기 위한 100,000미터 프로그램의 일환으로 다이아몬드 드릴링이 진행 중입니다.
이 결과는 2022년 광물 매장 추정치를 확고히 하고, 생산으로 나아가는 회사의 전망을 높입니다. QA/QC 조치가 SGS 시설에서 수행된 신뢰할 수 있는 샘플 분석을 보장했습니다. 칼리버는 주주와 이해관계자를 위한 지속 가능한 가치를 제공하는 데 집중하고 있습니다.
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) a annoncé des résultats prometteurs des forages de contrôle des minerais à la Marathon Pit, qui fait partie de la Valentine Gold Mine au Newfoundland et au Labrador, Canada. Les forages ont révélé des teneurs en or supérieures de 47% et 44% d'onces d'or en plus par rapport au modèle de réserves minérales de 2022. Un total de 196 trous de circulation inversée (RC) ont été forés, couvrant 4 915 mètres sur trois bancs prévus pour l'exploitation minière en 2025.
Le Président-directeur général Darren Hall a souligné ces résultats comme un facteur de confiance, avec 77% des travaux de construction achevés et une première production d'or prévue pour le deuxième trimestre de 2025. De plus, le forage diamantaire est en cours dans le cadre d'un programme de 100 000 mètres visant à découvrir de nouvelles minéralisations aurifères.
Ces résultats consolident les estimations de réserves minérales de 2022 et améliorent les perspectives de l'entreprise à mesure qu'elle avance vers la production. Des mesures d'assurance qualité/contrôle qualité ont garanti des analyses d'échantillons fiables, réalisées dans les installations SGS. Calibre reste concentrée sur la fourniture de valeur durable pour les actionnaires et les parties prenantes.
Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) gab vielversprechende Ergebnisse aus der Bohrkontrolle des Materials im Marathon Pit bekannt, das Teil der Valentine Gold Mine in Neufundland und Labrador, Kanada, ist. Die Bohrungen ergaben 47% höhere Goldgehalte und 44% mehr Goldunzen im Vergleich zum Mineralreserve-Modell von 2022. Insgesamt wurden 196 Bohrlöcher mit umgekehrter Zirkulation (RC) gebohrt, die 4.915 Meter in drei Bänken abdecken, die für den Abbau im Jahr 2025 geplant sind.
Präsident und CEO Darren Hall hob die Ergebnisse als Vertrauensschub hervor, mit einem Baufortschritt von 77% und einer ersten Goldproduktion, die für das zweite Quartal 2025 erwartet wird. Zusätzlich laufen Diamantbohrungen im Rahmen eines 100.000-Meter-Programms, das darauf abzielt, neue Goldmineralisierungen zu entdecken.
Diese Ergebnisse festigen die Schätzungen der Mineralreserven von 2022 und verbessern die Aussichten des Unternehmens, während es auf die Produktion hinarbeitet. QA/QC-Maßnahmen gewährleisteten zuverlässige Probenanalysen, die in den SGS-Einrichtungen durchgeführt wurden. Calibre bleibt darauf fokussiert, nachhaltigen Wert für Aktionäre und Interessengruppen zu bieten.
- 47% higher gold grades in ore control drilling at Marathon Pit.
- 44% more gold ounces compared to the 2022 Mineral Reserve model.
- 77% completion of construction at the Valentine Gold Mine.
- First gold production expected in Q2 2025.
- Ongoing 100,000-meter diamond drilling program aimed at discovering new gold mineralization.
- Minor discrepancies with 1-3% lower tonnage in some benches compared to the 2022 Mineral Reserve model.
VANCOUVER, British Columbia, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the "Company" or "Calibre") is pleased to announce partial ore control reverse circulation (“RC”) infill drill results from the Marathon Pit (“Marathon”), one of three open pits comprising the Valentine Gold Mine (“Valentine”) in Newfoundland & Labrador, Canada. The current 14-year life of mine plan, which includes the Leprechaun, Berry and Marathon open pits, hosts 2022 Mineral Reserves of 51.6 million tonnes grading 1.62 g/t gold containing 2.7 million ounces1. At the Marathon pit, the Company drilled 196 RC holes totaling 4,915 metres in three benches slated for mining in 2025. When comparing approximately the same tonnage to the 2022 Mineral Reserve model over three planned mining benches, the Ore Control Block model yields significantly more gold than the 2022 Mineral Reserve model due to
Darren Hall, President and Chief Executive Officer of Calibre, stated: “The results from the initial Marathon pit ore control drilling are very encouraging with
Diamond drilling is also underway as part of our expanded, 100,000 metre program (see news release dated July 15, 2024) with three rigs targeting new gold mineralization along the Valentine Lake Shear Zone. We look forward to the first results expected in the coming weeks as we remain excited about the vast potential to yield further significant gold discoveries within the Valentine land package.”
Comparison of the Marathon Pit Ore Control Block Model to 2022 Mineral Reserve
| Bench | Ore Control Block Model | 2022 Mineral Reserve | Percent Difference | |||||||||||
| Tonnes | Grade (g/t Au) | Ounces | Tonnes | Grade (g/t Au) | Ounces | Tonnes | Grade (g/t Au) | Ounces | ||||||
| 344 | 36,065 | 1.32 | 1,526 | 36,441 | 1.06 | 1,245 | -1 | % | +24 | % | +23 | % | ||
| 338 | 81,608 | 2.40 | 6,298 | 82,789 | 1.76 | 4,675 | -1 | % | +37 | % | +35 | % | ||
| 332 | 73,237 | 2.37 | 5,591 | 75,718 | 1.40 | 3,410 | -3 | % | +69 | % | +64 | % | ||
| Total | 190,901 | 2.19 | 13,415 | 194,948 | 1.49 | 9,330 | -2 | % | +47 | % | +44 | % | ||
Quality Assurance/Quality Control
QA/QC protocols followed at the Valentine Gold Project for the RC ore control drilling include the insertion of blanks and standards at regular intervals in each sample batch. RC drillhole cuttings are cone split at the rig to nominally 2.5 kg samples, shipped to the SGS facility in Grand Falls-Windsor for preparation, split to 1 kg, and then shipped to SGS Burnaby, BC. for gold analysis by the LeachWELL method.
Qualified Person
The scientific and technical information contained in this news release was approved by David Schonfeldt P.GEO, Calibre Mining’s Corporate Chief Geologist and a "Qualified Person" under National Instrument 43-101.
About Calibre
Calibre (TSX:CXB) is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value.
For further information, please contact:
Ryan King
SVP Corporate Development & IR
T: 604.628.1012
E: calibre@calibremining.com
W: www.calibremining.com
Calibre’s head office is located at Suite 1560, 200 Burrard St., Vancouver, British Columbia, V6C 3L6.
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The Toronto Stock Exchange has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", “assume”, "intend", “strategy”, “goal”, “objective”, “possible” or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond Calibre's control. For a listing of risk factors applicable to the Company, please refer to Calibre's annual information form (“AIF”) for the year ended December 31, 2023, its management discussion and analysis for the year ended December 31, 2023 and other disclosure documents of the Company filed on the Company’s SEDAR+ profile at www.sedarplus.com.
Calibre's forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. Calibre does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, undue reliance should not be placed on forward-looking statements.
Footnotes:
- Refer to the Valentine Gold Project NI 43-101 Technical Report and Feasibility Study, Newfoundland & Labrador, Canada dated November 30, 2022 and found on the Calibre website at www.calibremining.com and on SEDAR+ at www.sedarplus.ca .
FAQ
What are the recent drilling results at Calibre's Marathon Pit?
When is Calibre's Valentine Gold Mine expected to start producing gold?
What is the current status of construction at the Valentine Gold Mine?
How many RC holes were drilled at the Marathon Pit?
What is the focus of Calibre's ongoing diamond drilling program?
